Quality Matters In Turn Key Investing
You’ve spent hundreds of hours, and how many days and weeks, maybe months, to save up money to invest in real estate. Perhaps you had read the book Rich Dad Poor Dad, or heard a family friend, a co-worker get you inspired to invest. If you are like a lot of our clients, you live in a market like Austin, LA, NYC, London, where you simply can’t get great returns on a single family rental property.
So, you being researching how to find great providers of rental properties that you like, trust, and feel will take care of you in a timely and honest way. These are all awesome, and important values within a business. We have many colleagues in the Turn Key space, many of whom do a phenomenal job on the renovations and have a world class business. Here are a few things to focus on when searching for the best provider.
Understand the Level of renovations
There are also many other Turn Key providers who don’t share the same philosophy within the management of your property, the type of renovations, or share the same values as you do. Make sure to take the time in the research process to understand first what you are looking for as the client, investor, and then you will understand better what kind of product and company you want as your real estate partner on the ground.
At Bridge, we thrive on knowing we do everything in our power to have the best Turn Key property in the midwest. From the type’s of paint we use, tile, the way we update and renovate our properties, windows, roofs, HVAC systems, exceptionally nice bathrooms, kitchens, and the amount of time, energy, and real investment into the property that many times we see TK providers selling at similar price points, but not delivering similar value in the property first, and then in the management second.
In House Property Management
Management is a massive part of any buy and hold real estate investment. Once the renovation on your property is complete, it takes the day to day management of your property with collecting of rents, maintenance issue, tenant questions, to make the entire process work and the cash flow happen for the investor.
Ask questions on how the company runs their management. Do they have in house management, or are they sending you to a third party provider? We at Bridge believe it’s very important to have the management of your property in house. It was our choice to provide management because we wanted to have control throughout the whole process, make sure the client had the best experience and service throughout, and we felt that it was the best long term win win for both our clients, our tenants, and our business.
A Trusted Real Estate Partner
One of the lines I use with my clients often is, “We would love to bat 1000, and be perfect all the time … but we just aren’t.” Every company, and every person, makes mistakes. At Bridge, we are no different. And we love to set the tone right from the beginning, setting expectations that if there IS a problem, it will be handled with the most care, consideration, and timeliness.
In the end, the Turn Key provider is looking for great clients who want to have cash flowing properties, a trusted partner to provide them, and deliver great service along the way. If the provider does that, the client will continue buying, sharing their experiences, and sending friends, family, and co-workers to begin their investing life with that same company. Deliver an incredible value, give great service, and always … do the right thing.